(MENAFN) The Nasdaq Composite and Standard & Poor's 500 indexes closed lower in Friday's trading session, reflecting a mixed performance in the US stock market. While Netflix shares experienced a decline due to lower revenue projections for the second quarter compared to analysts' expectations, gains in American Express' quarterly profits buoyed the Dow Jones Industrial Average.
Netflix's shares took a hit as the company's revenue outlook for the upcoming quarter fell short of analyst forecasts. Conversely, American Express' announcement of better-than-expected first-quarter profits bolstered investor confidence and contributed to the Dow Jones Index's upward trajectory.
However, overall market sentiment was dampened by selling operations targeting major technology companies, which cast a shadow over Wall Street ahead of a flurry of earnings reports from the tech sector. Notably, Nvidia, a leading player in electronic chip manufacturing, saw its shares decline significantly, resulting in a staggering loss of over USD200 billion from its market capitalization.
During Friday's trading session, the Standard & Poor's 500 index experienced a decline of 0.88 percent, closing below the 5,000-point mark at 4,967.20 points. This marked the index's sixth consecutive session of losses, marking its longest losing streak since October 2022. On a weekly basis, the index recorded a decline of approximately 3.05 percent.
Meanwhile, the Nasdaq Composite Index witnessed a more pronounced decline, dropping by 2.05 percent to reach 15,282.01 points. This marked the index's worst performance for the year thus far. On a weekly basis, the Nasdaq Composite Index posted a decline of about 5.52 percent, highlighting the significant impact of the sell-off in technology stocks on market dynamics.
Overall, the mixed performance in US stock markets underscores the ongoing volatility and uncertainty fueled by a combination of factors, including earnings outlooks, sector-specific developments, and broader market trends. As investors navigate through these challenges, they remain vigilant amid heightened anticipation surrounding upcoming corporate earnings releases and their potential implications for market sentiment.
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